On Monday, the Reserve Bank of India told the general public that all their non cash that is digital payment options such as UPI, NEFT, IMPS and BBPS will get available around the clock for the public for the things like to make fund transfer transactions, payment of bills, purchase of good and services and etc.
If we talk about it, IMPS is called as Immediate payment service, UPI is known as Unified payments interface, NEFT is national electronic fund transfer and BBPS is bharat bill payment system.
In the given notification from RBI, it was stated that-“In the context of the efforts to limit the fallout of the corona virus pandemic by avoiding social contact and visit to public places, public can use these modes of digital payment from the convenience of their homes through online channels like mobile banking, internet banking, cards, etc. and avoid using cash which may require going to crowded places for sending money or paying bills,”
NEFT is basically the payment system that helps in facilitating the fund transfer from one bank to another bank. And in 2019, RBI also cleared that the there will be no charges for making the payments through RTGS and NEFT and that’s why it became easier.
UPI is a payment mode which is immediately done and it will allow you to transfer the funds through different banks and bank accounts by using a mobile platform. Whereas it takes around 2 hours for NEFT transaction, you will only require a minute to transfer the funds through UPI.
The governor of RBI said that since the central bank is encouraging the banks and their customers to use the online banking facilities, it was important to do that.